Tech Disruptors Marqeta CEO on Embedded Finance Scaling Up
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Jan 9, 2026 Mike Milotich, CEO of Marqeta and an expert in payment systems with a history at Visa and PayPal, dives into the transformation of embedded finance. He explains how it’s evolving from niche applications to mainstream infrastructure, including the rise of buy now, pay later solutions. Milotich highlights the importance of flexibility in modern payment systems and the competitive edge of tokenization and AI in personalizing user experiences. He also discusses Marqeta's expansion into Europe and the growing trend of digital-first, API-native firms embracing embedded finance.
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Top Verticals For Embedded Finance
- Marketplaces and verticalized B2B platforms show the strongest demand for embedded finance.
- These businesses benefit from two-sided monetization and integrated spend, billing, and corporate card capabilities.
BNPL Moving Toward Issued Cards
- BNPL is shifting from merchant checkout widgets to issued consumer cards with flexible credentials.
- Flexible credentials let one card toggle between debit and installment lending, expanding BNPL acceptance in-store and across merchants.
Klarna Card Rollout Example
- Marqeta migrated 4–5 million Klarna debit cards across three countries, then supported a 19-country rollout of the flexible Klarna One card.
- The combination of Klarna's speed and Marqeta's tech enabled unusually fast multi-country deployment.